GOLDHILL SETS NEW DESIGN STANDARD
by Lim Lay Ying
Property Times, New Straits Times
03rd July 2004

The market rules!

No one wants a failed project, no matter how great it looks. And because the traditional variables for real estate development are location, location, location, there is very little motivation for developers to go beyond the norm when they think that their property has a good location going for it.

The more astute ones however are smarter and far more sophisticated as they have been through a couple of cycles – the ups and downs in the economy, and followed market trends and market expectations keenly. These developers believe that they can get more value out of good design – designs that are aesthetically pleasing and market driven.

Developer William Goei, who is renowned for creating investment-worthy residential and commercial properties, abides by this philosophy. He knows that good designs will pay off in many ways because he has witnessed it happening in his very own projects – they moved faster during the marketing process.

Track Record of Innovations

Goei has successfully developed over 3 million square feet of commercial and retail properties, and more than 1,000 units of residential properties in Singapore, Australia, and Malaysia, through his Singapore-based Goldhill Group.

The Group’s (and its associated companies) forty-year track record holds claim to several outstanding designs and innovations. Its 36-storey Wisma Goldhill building in Kuala Lumpur won the Fiabci (International Real Estate Federation) Malaysian Chapter Award of Distinction in the Commercial Development category in 1993. Goldhill Plaza, which the group built in the early 1970s, went down in history as the first quality high-rise office space to be located outside Singapore’s central business district (CBD). This followed with the success of Goldhill Square, Goldhill Gardens and Goldhill Towers (completed in 1968) in Bukit Timah, both of which were pioneers of Singapore’s mixed residential development projects.

And despite recessionary conditions in Asia since the 1997 financial crisis, Goei continued to make bold moves in the real estate development industry. In 2000, a year when most developers were doubtful about the sentiment of property buyers and investors, he pushed ahead with his serviced apartment project in Kuala Lumpur’s Golden Triangle.

Popular Amongst Expatriates

Located adjacent to the Istana Hotel and off Jalan Raja Chulan, 38 Bidara is starting to fill out and quickly too since its completion recently. Dubbed a three-and-a-half star serviced apartment development, the 237 suites are especially popular amongst the city’s expatriate community – the majority of whom are of Japanese, Korean, British, and French nationalities.

With going rents of between RM1,600 and RM4,000 a month for a fully-fitted two-bedroom unit, investors of the property are pleasantly surprised with the eight to fifteen per cent gross yields on their investments. Starting price for the suites three years back, was at RM148,888 (or approximately RM320 per square foot). Sizes range from 427 square feet for studio units to 914 square feet for the three-bedroomed suites.

Goei’s attention lately is on his new project – a boutique 18-level serviced residential complex located along Jalan Tun Razak in Kuala Lumpur. Goldhill Gardens is being built on a site of approximately an acre, just next to Wisma Technip, a 12-storey office building built by the Group several years ago. This new project will be undertaken by the Group’s subsidiary, Nirwana Indah Sdn. Bhd.

Boasting uninterrupted views of the golf course at the Royal Selangor Golf Club, and the Petronas Twin Towers (depending on the unit type), Goei said Goldhill Gardens would offer a contemporary urban lifestyle with the convenience of a CBD location. Featuring 176 units in all and laid out in a horse-shoe configuration, the development on a freehold land title will have a range of apartments with one, two, three and four bedrooms, in addition to the four penthouses at the top floor. The ratio of lifts to apartments is 1 : 2 in each wing of the complex.

View to Appreciate

Adamant in ensuring that Goldhill Gardens will be the Group’s signature residential development of five-star quality, Goei has solicited the creative inputs of a ten-time award winning Singapore-based fashion designer Bobby Chng who has close to twenty years of designing experience behind him.

Full-sized display suites of the three types of apartments at the developer’s sales office depict the stylish interior design ideas of Chng. Well-coordinated furnishing themes which have been followed through in colour, texture and material usage, and in the custom-designed furniture and fittings, reflect an air of chic that is unmistakably fashionable and elegant. One would have to view to appreciate.

Price of the serviced residences at Goldhill Gardens range from RM446,900 for the 775-square-foot one-bedroomed unit, RM582,500 for the two-bedroomed type measuring 1,047square feet, and RM839,500 for the three-bedroomed apartment of 1,485 square feet. The developer is offering these prices inclusive of air-conditioning units, built-in wardrobes, kitchen cabinets, and a car park to “early bird” purchasers.

Residents of Goldhill Gardens enjoy access to a landscaped rooftop swimming pool deck and a gymnasium equipped with quality exercise equipment. They can rely on the smartcard access system and CCTV throughout the common areas, aside from the 24-hour security guard service, for their security needs.

Goei believes that his new project’s status as a five-star serviced residence complex will hold great appeal to tenants, just as 38 Bidara has proven to be.